Finally some relief and support for those self-employed operating under as a sole trader, trust, company, or partnership, but you were not paying yourself a wage.
IF YOUR BUSINESS REVENUE DROPS BELOW 30% then you will be entitled to receive the JobSeeker payment from the government.
We still DO NOT have details around the mechanisms of JobKeeper payment, hopefully, we will know more early next week.
Following registration by the eligible business (we will provide further details shortly), the Government will provide $1,500 per fortnight per eligible employee for a maximum of 6 months.
The JobKeeper Payment is available to eligible employers, businesses including companies, partnerships, trusts and sole traders, not-for-profits and charities.
The intent of the JobKeeper Payment is to enable any eligible self-employed person to get a wage subsidy REGARDLESS of what business structure they use.
In true government style, they do have some irregularities, where:
- The partners in a partnership only receive a share of profits – one partner can be nominated to receive JobKeeper
- Directors of a company only receive dividends – one director can be nominated to receive JobKeeper
- Beneficiaries of a trust only receive distributions – one individual beneficiary (i.e. not a corporate beneficiary) can be nominated to receive the JobKeeper payment
We will keep you posted next week on the mechanism of the JobSeeker payment once we have the government legislation.